What this blog is about?

Purpose: This blog provides brief insurance news and digest for the busy executives. It is a handy archive covering major insurance news in Malaysia and nearby countries. 

Disclaimer: While all attempts are made to ensure the accuracy of the news herein, we are not liable for any loss arising from the use of any information contained in this blog.

Reproduction: You may reproduce materials published here provided that the source (actuaries.com.my/insurance-news) is properly acknowledged.

Aman Chowla new CEO for PruBSN 

Aman Chowla has replaced Azim Mithani as the CEO of PruBSN. Meanwhile Azim has taken a new role as the COO of PCA based in Hong Kong. http://j.mp/TAS150713a

Monday, July 13, 2015 9:15:00 PM Categories: Executive Movement PruBSN
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Anusha to helm AIA 

Anusha Thavarajah will take over from Bill Lisle as the CEO of AIA with effect from 1/6/2015, subject to BNM's approval. http://j.mp/TAS1500513a

Wednesday, May 13, 2015 11:07:00 PM Categories: AIA Executive Movement
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How secure is the insurance company's CEO job 

Background

On average, how many CEOs does an insurance company have over a 5-year period?

The general perception is CEO's job is insecure, especially given that all CEOs are on contract and their job and renewal of their job is subject to the approval of both Board of Directors and BNM.

Do Takaful companies have higher CEO turnover than conventional companies?

Where do CEOs end up when they leave their job?

In this special report of Insurance News, we attempt to answer the above questions by studying the past 5 years' history. Before we reveal the answers, why don't you take a guess and see how close you are to the actual facts.

Methodology

We compiled our statistics based on publicly available information such as annual reports of insurance companies, newspaper articles and reliable sources on the internet. The period of our study is from 2010 to 2015. The companies included in our study are Life and Composite insurance companies and Family and Composite Takaful operators in Malaysia. We have excluded general insurance companies and general takaful operators, as well as all reinsurance companies and retakaful operators. We have also excluded companies that were acquired and merged into other companies (e.g. ING).

While we cannot guarantee 100% accuracy of the statistics we compiled, the figures we present below should fairly represent the true picture.

Average Number of CEOs over a 5-year Period

Type Average Number of CEOs
Conventional Life and Composite 2.1
Family and Composite Takaful 1.8

On average, conventional companies had 2.1 CEOs over the 5-year period while takaful operators had 1.8.

Number of CEOs over a 5-year Period

Number of CEOs Number of Conventional Companies Number of Takaful Operators
1 3 4
2 8 5
3 1 2
4 2 0

For conventional companies, the most common scenario is 2 CEOs over the 5-year period.  8 companies were in this category. Similarly, 2 CEOs over the 5-year period is also the most common case with 5 takaful operators in the category.

Where do CEOs go?

It is not as easy to answer this question as the whereabouts of the CEOs are not always made known to the public. After leaving their job, the CEOs may end up:

  • Being transferred back to regional/head office
  • Joining another company
  • Moving out of the insurance industry
  • In retirement (normal as well as early retirement)

We leave it to you to speculate which category is the most common. There are always unconfirmed market talks on why CEOs leave their jobs and whether CEOs leave voluntarily or asked to go. As these are unconfirmed sources, we will not include them here.

So, is CEO job secure after all? My personal opinion is there is no such thing as job security nowadays, whether you are a CEO or not. The difference some may argue is if you have gone all the way to the top as CEO, if you ever lose your job, there are far fewer options that you have.

Do you agree?


***You may also enjoy reading our blog on Actuarial Brain Drain***

Thursday, March 19, 2015 4:25:00 PM Categories: Executive Movement
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Elmie the new CEO of AIA Public Takaful 

AIA Public Takaful has appointed Elmie Aman Najas as its new CEO, with effect from 15/1/2015. Elmie was chief agency officer of AIA's central region prior to this appointment. http://bit.ly/TAS150204a

Wednesday, February 4, 2015 8:57:00 PM Categories: AIA AIA PUBLIC Executive Movement
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Tune Ins appoints new CEO 

Junior N. Cho has been appointed as the new CEO for Tune Ins Holdings Bhd. http://goo.gl/SBghhy

Monday, November 3, 2014 8:39:00 PM Categories: Executive Movement Tune
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PIAM appoints new CEO 

PIAM has appointed Mark Lim Kian Wei as its new CEO. Mark was the Executive Director of Singapore General Insurance Association from 2006-2013. http://bit.ly/TAS141024a

Friday, October 24, 2014 6:57:00 PM Categories: Executive Movement PIAM
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Derek Roberts new CEO for AmGeneral 

Replacing Travis Atkinson who returns to NZ

BNM has approved Derek Roberts as the new CEO for AmGeneral, replacing Travis Atkinson who will return to IAG New Zealand. http://bit.ly/TAS140917a

Thursday, September 18, 2014 8:17:00 AM Categories: AmG Executive Movement
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